Overview
Indonesia's crypto regime moved decisively in 2025. Under Law No. 4/2023 (UU P2SK — Pengembangan dan Penguatan Sektor Keuangan), supervision transferred from Bappebti (Ministry of Trade) to OJK (Otoritas Jasa Keuangan) on 10 January 2025. The same date brought POJK 27/2024 into force — the new core regulation governing the trading of digital financial assets including crypto assets. POJK 27/2024 eliminated the prior CPFAK provisional designation; only fully licensed PFAK (Pedagang Fisik Aset Kripto) now operates.
The 2026 picture: a fully OJK-supervised market with the Indonesian Crypto Asset Exchange (CFX, launched July 2023) and clearing house (KKI) in place, and Bappebti-era licensees having migrated through the 6-month compliance window that closed around 10 July 2025.
The regulator — OJK
OJK is Indonesia's integrated financial regulator. The relevant unit for crypto is the Directorate for Financial Sector Technology Innovation, Digital Financial Assets and Crypto Assets (ITSK-AKD-AK), which runs PFAK licensing through the OJK ITSK portal. The transition consolidated supervision in OJK and removed the regulatory split that previously sat with Bappebti under the Ministry of Trade.
PFAK and adjacent licences under POJK 27/2024
POJK 27/2024 establishes a four-actor market structure:
- PFAK — Pedagang Fisik Aset Kripto, the licensed exchange/broker.
- Bursa Aset Kripto — the Crypto Asset Exchange (bourse).
- Kliring Aset Kripto — the clearing house.
- Pengelola Tempat Penyimpanan — storage and custody manager.
The CPFAK (provisional / candidate PFAK) status used under Bappebti has been removed; only fully licensed entities can operate. Asset listing is restricted to OJK's approved crypto-asset whitelist under Article 132 of POJK 27/2024.
Capital requirements
| Requirement | Amount |
|---|---|
| Minimum paid-up capital | IDR 100,000,000,000 (~USD 6 million) |
| Minimum maintained equity | IDR 50,000,000,000 (~USD 3 million) |
The framework was carried over from the Bappebti-era Regulation No. 8/2021 and confirmed for PFAK under OJK.
High-level checklist
- Indonesian Perseroan Terbatas (PT) — typically a PT-PMA where there is foreign ownership.
- Capital fully paid up: IDR 100 billion paid-up plus IDR 50 billion maintained equity.
- Fit-and-proper assessment by OJK for directors, commissioners and controlling shareholders.
- Asset-listing committee aligned with the OJK-approved whitelist (Article 132 POJK 27/2024).
- AML/CFT programme aligned with PPATK regulations.
- Data-protection compliance under Law 27/2022 (PDP); consumer-protection rules under POJK 22/2023.
- Records of transactions and financial data retained for 10 years.
- Operational integration with the CFX exchange and KKI clearing house.
- OJK application via the ITSK portal; respond to fit-and-proper review and clarification rounds.
- Post-licensing: ongoing OJK reporting, periodic inspections, governance and consumer-protection compliance.
Process and timeline
| Stage | Duration |
|---|---|
| Entity setup (PT-PMA) and capital injection | 2–3 months |
| Application preparation — AML, governance, technology audit | 3–5 months |
| OJK review and fit-and-proper | 6–9 months |
| Total realistic | 11–17 months |
Taxation
- Corporate income tax: 22%.
- VAT on crypto transactions: 0.11% of transaction value (previously prescribed under MoF Regulation 68/PMK.03/2022; retained under the OJK regime pending update).
- Income tax on crypto transactions (PPh 22): 0.1% final tax for transactions through registered PFAK.
- No crypto-specific tax holiday.
Crypto-exchange activity is not listed as closed in Perpres 10/2021 (Positive Investment List) — treated as open subject to OJK licensing and PT-PMA incorporation. Foreign ownership is in principle up to 100%, but OJK fit-and-proper plus controlling-shareholder approval is the practical filter. Plan group structure with that review in mind.
FAQ
What capital does a PFAK need?
IDR 100 billion paid-up plus IDR 50 billion maintained equity. The framework was retained from Bappebti-era Regulation 8/2021 and confirmed under OJK.
Is OJK now the sole regulator?
Yes, since 10 January 2025. Bappebti no longer supervises crypto. The OJK ITSK directorate handles licensing and ongoing supervision.
What does the whitelist mean?
Asset listing on a PFAK is limited to crypto assets approved on the OJK whitelist under Article 132 POJK 27/2024. New listings require OJK approval.
How does Indonesia compare with Thailand?
Thailand is more category-granular and lower capital — THB 50M (~USD 1.4M) for a custodial Exchange. Indonesia is a single PFAK regime at much heavier IDR 100bn.
What were the Bappebti-era transition deadlines?
One month from 10 January 2025 to submit existing product applications to OJK; six months (around 10 July 2025) for full compliance with OJK governance, operational, consumer-protection and data-protection standards. New applicants apply directly under POJK 27/2024.